CytoVeris raises another $3.7M

A Farmington biotech developing guided surgery tools for tumor removal has raised $3.7 million.

CytoVeris, which is aiming to raise a total of $5 million, disclosed its progress Monday in a filing with the U.S. Securities & Exchange Commission.

Founded in 2018 by Alan Kersey, who is president and CEO, CytoVeris raised a similar amount of money in 2018.

Kersey said Tuesday that the company plans to use the funds to expand its team, continue to gather data, and build and test its first prototype.
 
CytoVeris is developing a tumor scanner called TumorMAP and a platform called OncoVeris. Its technology, which uses an optical technique called Raman spectroscopy that can use a laser to probe tissue several millimeters deep, aims to help surgeons discern cancer tissue from healthy tissue in real time during surgery, to prevent cancerous tissue from being left in the body after surgery, where it could then spread.
 
The company has been working with Yale’s Smilow Cancer Center since last summer to assess spectral signatures of more than 250 breast cancer specimens. An AI machine learning algorithm is using that data to detect cancer tissue.
 
Kersey said some of the new funds will support the work with Smilow, and he also expects additional deployments at Hartford HealthCare and UConn Health.

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CytoVeris is a medical device company developing optical smart cancer imaging technologies designed to improve the clinical outcomes of patients undergoing certain cancer removal procedures by using enhanced clinical decision-making during surgery.